Reinsurance News
Bermuda re/insurers still in “early stages” of ESG, study shows
24th May 2022
A new study by Oxbow Partners, a specialist management consultancy for the insurance industry, in partnership with the Bermuda Business Development Agency (BDA), shows that the Bermudian insurance and reinsurance industry is still in the “early stages” of its ESG development. Based on a survey of over 20 large Bermudian (re)insurers ... Read the full article
JP Morgan critiques industry’s approach to nat cat losses
23rd May 2022
JP Morgan has posited that the reinsurance and insurance industry should look again at how it categorises catastrophe losses. While losses have increased in recent years, JP Morgan said it was commensurate to look not at the volume of losses but to compare losses with premiums. It wrote: “Nominal insured losses should ... Read the full article
Praedicat partners with Sentry on systemic casualty risk
23rd May 2022
Praedicat, the liability emerging risk analytics company, has announced it has contracted with Sentry Insurance to assist the mutual insurer in better understanding and managing its casualty exposure. It’s expected that Praedicat’s predictive analytics will help the company to focus on its long-tail casualty exposures within General Liability (GL), which have ... Read the full article
Windstorms cause ‘massive damage’ to Canadian electrical grid
23rd May 2022
Nearly a million homes across the Canadian provinces of Ontario and Quebec are without power after a severe storm hit over the weekend. According to multiple reports, 900,000 homes in the two provinces are without power after winds reached 82mph. Hydro Quebec said that 550,000 homes in the province lost power. ... Read the full article
Swiss Re backs major carbon removal project
23rd May 2022
Swiss Re has become one of the founding buyers of credits from a new Swiss company aiming to reduce the cost of atmospheric carbon removal, according to reports from Reuters. The reinsurer joins banking giant UBS, Boston Consulting Group, private banking firm LGT, and shipping company Mitsui O.S.K. Lines in buying ... Read the full article
Fusion launches online M&A insurance solutions in the US
23rd May 2022
Leading M&A and financial lines insurance specialist, Fusion Specialty, has launched Fusion Americas – offering new online solutions for M&A insurance in the US. Fusion Americas will be headed by Managing Partner, Brian Hayes. The solution will give the underserved small and medium-sized enterprises (SME) market online access to Fusion’s SEMI and ... Read the full article
USAA hires Clyde Douglas as SVP & General Manager, Claims
23rd May 2022
Primary mutual insurer, USAA has appointed Clyde Douglas as Senior Vice President and General Manager, Claims. Within this new role, Douglas will oversee the claims organisation, focusing on providing exceptional service to USAA’s members. He brings more than 25 years of experience within the industry, and joins USAA from global insurer, Chubb ... Read the full article
Russia’s aggression could be harmful to ‘supportive’ outlook for Euro insurers
23rd May 2022
Russia’s invasion of Ukraine has added uncertainty to what was otherwise a supportive interest rate outlook for insurers in Europe, says DBRS Morningstar in a new note. The firm said in a new commentary that European insurers are unlikely to see the benefits of rising bond yields worldwide since Russia’s aggression ... Read the full article
Everest Re hires Matthew Rohrmann as SVP, Head of Investor Relations
23rd May 2022
Bermuda-based Everest Re has announced that Matthew Rohrmann has joined the company as Senior Vice President, Head of Investor Relations. Rohrmann succeeds Jon Levenson and will report directly to Everest Executive Vice President & Chief Financial Officer, Mark Kociancic. Within his new role, Rohrmann will focus on deepening Everest’s engagement with the ... Read the full article
Lloyd’s examines 2020/21 financial results for syndicates supported by third-party capital
23rd May 2022
Lloyd’s has released forecast results across 2020 and 2021 for all syndicates supported by third-party capital, along with market messages for 2023 business plans. For 2020, Lloyd’s said that the account has shown a slow-but-steady improvement, with the year remaining marginal on current forecasts. However, it said it expected to see ... Read the full article
Truist CFO Daryl Bible to retire
23rd May 2022
Truist CFO Daryl Bible has announced his retirement after fourteen years with the company. Following the announcement, Truist says that Bible will continue in his role until his replacement named. He will also continue to serve in order to ensure what the firm says is a successful transition. Bill Rogers, chairman and ... Read the full article
Zurich sells Russian business
23rd May 2022
Global insurer Zurich has agreed to sell its business in Russia to eleven of the unit’s team. The firm said that under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia. The transaction will allow the new company to ... Read the full article
Helios reports huge increase in capacity in 2022
23rd May 2022
Helios has increased its retained capacity in 2022 to £171.9m, up from £66.5m and £93.5m in 2020 and 2021. According to a statement from the firm, its reinsured capacity also rose significantly in this time, increased from £49.1m in 2020, to £51.5m in 2021, and to £60.8m this year. Nigel Hanbury, chief ... Read the full article
BMS names WTW’s Ted Hodgkinson as Executive Chairman, Asia
23rd May 2022
Ted Hodgkinson has joined insurance and reinsurance broker BMS from WTW as its new Executive Chairman for Asia, where he will play a key part in bolstering the company's geographic reach within the region and promote a collaborative and client-centred approach. Hodgkinson joins BMS in late November 2022 after more than ... Read the full article
HCI announces $150m debt offering
23rd May 2022
Florida-based insurtech HCI Group has announced a new debt offering of $150 million convertible senior notes due 2042, the proceeds of which will be used for a share repurchase, as well as for general corporate purposes. The 4.75% convertible senior notes will be offered in a private placement to qualified institutional ... Read the full article
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